Kelsom Financial Limited - Limited company - abbreviated - 11.0.0

REGISTERED NUMBER: SC387421 (Scotland)

Abbreviated Unaudited Accounts for the Year Ended 31 December 2013

for

KELSOM FINANCIAL LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

Chartered Accountants' Report

5

DIRECTOR:

J P Kelly

SECRETARY:

J P Kelly

REGISTERED OFFICE:

133 Finnieston Street

Glasgow

G3 8HB

REGISTERED NUMBER:

SC387421 (Scotland)

ACCOUNTANTS:

McAllisters

Paxton House

11 Woodside Crescent

Glasgow

G3 7UL

FIXED ASSETS

Tangible assets

2

978

1,304

CURRENT ASSETS

Debtors

5,005

32,105

Cash at bank

2,487

24,453

7,492

56,558

CREDITORS

Amounts falling due within one year

49,746

58,584

NET CURRENT LIABILITIES

(42,254

)

(2,026

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(41,276

)

(722

)

CAPITAL AND RESERVES

Called up share capital

3

100

100

Profit and loss account

(41,376

)

(822

)

SHAREHOLDERS' FUNDS

(41,276

)

(722

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2013.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2013 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 20 August 2014 and were signed by:

J P Kelly - Director

1.	ACCOUNTING POLICIES

Going concern

The accounts have been prepared on a going concern basis based on the assumption that the associated company

Trust Deed Scotland Limited (formerly Kelsom Limited) will continue to offer financial support.

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of insurance services, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Office equipment

-

25% on reducing balance

Deferred tax

Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods

different from those in which they are included in the company's accounts. Deferred tax is provided in full on

timing differences which result in an obligation to pay more (or a right to pay less) tax at a future date, at the tax

rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.

Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no

commitment to sell the asset.

Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be

recovered. Deferred tax assets and liabilities are not discounted.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2013

and 31 December 2013

2,126

DEPRECIATION

At 1 January 2013

822

Charge for year

326

At 31 December 2013

1,148

NET BOOK VALUE

At 31 December 2013

978

At 31 December 2012

1,304

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.13

31.12.12

value:

£

£

100

Ordinary

£1

100

100

4.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2013 and

31 December 2012:

31.12.13

31.12.12

£

£

J P Kelly

Balance outstanding at start of year

9,880

-

Amounts advanced

17,035

9,880

Amounts repaid

(26,915

)

-

Balance outstanding at end of year

-

9,880

The following reproduces the text of the report prepared for the director in respect of the company's annual

unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages two to four)

have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Kelsom Financial Limited for the year ended 31 December 2013 which comprise the Profit and

Loss Account, the Balance Sheet, and the related notes from the company's accounting records and from information and

explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other

professional requirements which are detailed at http://www.icas.org.uk/accountspreparationguidance.

This report is made solely to the director of Kelsom Financial Limited in accordance with our terms of engagement. Our

work has been undertaken solely to prepare for your approval the financial statements of Kelsom Financial Limited and

state those matters that we have agreed to state to the director of Kelsom Financial Limited in this report in accordance

with the requirements of the Institute of Chartered Accountants of Scotland as detailed at

http://www.icas.org.uk/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume

responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Kelsom Financial Limited has kept adequate accounting records and to prepare statutory

financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Kelsom Financial

Limited. You consider that Kelsom Financial Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Kelsom Financial Limited.

For this reason, we have not verified the accuracy or completeness of the accounting records or information and

explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

McAllisters

Paxton House

11 Woodside Crescent

Glasgow

G3 7UL

20 August 2014